https://www.taxtmi.com/caselaws?id=305461 The Tribunal ruled in favor of the religious Trust in the appeal concerning accumulation calculation under section 11(1)(a) of the Act, holding that accumulation should be based on gross income, not net income. The Tribunal quashed the CIT's order under section 263, emphasizing that the Trust's compliance with accumulation requirements was unnecessary as the excess amount fell within the permissible 15% accumulation on gross income. Compliance with Form 10 and investment requirements under section 11(5) was deemed unnecessary due to the correct calculation method. The Trust's appeal was allowed, and the CIT's order was overturned. en-us Fri, 22 Jan 2016 00:00:00 +0530 Tue, 18 Apr 2023 11:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305461 The Tribunal ruled in favor of the religious Trust in the appeal concerning accumulation calculation under section 11(1)(a) of the Act, holding that accumulation should be based on gross income, not net income. The Tribunal quashed the CIT's order under section 263, emphasizing that the Trust's compliance with accumulation requirements was unnecessary as the excess amount fell within the permissible 15% accumulation on gross income. Compliance with Form 10 and investment requirements under section 11(5) was deemed unnecessary due to the correct calculation method. The Trust's appeal was allowed, and the CIT's order was overturned. Case-Laws Income Tax Fri, 22 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305461